Health & Fitness
Minnesota Savings Interest Rates Drop Significantly Since 2011
Average certificate of deposit and savings account rates in Minnesota have fallen considerably over the last two years, with an average 43% change between 2011 and 2013 rates.
The Web's leading resource of local interest rate data, www.GoBankingRates.com, investigates historical deposit account rates offered by local Minnesota banks and credit unions in its latest rate study. The report finds that average certificate of deposit and savings account rates in Minnesota have fallen considerably over the last two years, with an average 43% change between 2011 and 2013 rates.
March 7, 2013 – GoBankingRates is continuing its state-by-state historical rate comparison by focusing on interest rates offered by local banks and credit unions in Minnesota. The interest rate aggregating website compared Minnesota's average rates on savings accounts, 6-month CDs, 1-year CDs and 2-year CDs in 2013 against averages from two years ago.
According to the rankings compiled by GoBankingRates, using its database of interest rates from more than 4,000 U.S. banks and credit unions, average deposit account interest rates in Minnesota have dropped over the last two years.
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The smallest decrease was for average savings account rates with just a .06% average decline, a 29 percent difference in values, while average 2-year CD rates fell most significantly by .48%, which is a 43 percent change from 2011 figures.
Overall, the average percentage of change between 2013 and 2011 interest rates was 43 percent.
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Account Type: 2011 Average Rate; 2013 Average Rate
- 6-Month CD: 0.56% APY; 0.27% APY
- 1-Year CD: 0.79% APY; 0.42% APY
- 2-Year CD: 1.12% APY; 0.64% APY
- Savings Account: 0.21% APY; 0.15% APY
Casey Bond, GoBankingRates managing editor, explains, "CD rates are set not based on today’s economic situation, but the future. It makes sense, then, that longer-term deposit account rates such as 2-year CD rates would experience the largest drop during the aftermath of a recession."
The study also compares current Minnesota rankings in each deposit category against the rest of the U.S. states, with the goal of determining how rates have fared over time in Minnesota.
To see the full report on Minnesota interest rates, click here.
